Birmingham-based Wise Owl Services is no longer permitted to conduct insurance and mortgage activity after the FSA contacted the firm over concerns about its sales practices.
The firm, which traded as Wise Owl Insurance Services and Wise Owl Mortgage Services, has now agreed to remove its permission to conduct regulated insurance and mortgage activity.
Customers who took out insurance with Wise Owl may be affected, particularly those who took up the firm's ‘free life insurance' offer where the firm agreed to pay the regular premium for a set period, usually 12 months.
The FSA said it appears the firm stopped paying these premiums as promised and customers may not be aware they are no longer insured.
The regulator has urged customers of Wise Owl to contact their insurer directly to check if their policy is still in force.
Customers paying premiums directly to Wise Owl should also check with their insurance provider that it has received the premiums and the insurance is still in place.
